The early 2000s recession was a decline in economic activity which occurred mainly in developed countries. The recession affected the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003. The UK, Canada and Australia avoided the recession for the most part, while Russia, a nation that did not experience prosperity during the 1990s, began to recover. Japan's 1990s recession continued. The early 2000s recession had been predicted by economists for years, because the boom of the 1990s, which was accompanied by both low inflation and low unemployment, had already ceased in East Asia during the 1997 Asian financial crisis. The early 2000s recession was not as bad as many predicted it would be, nor was it as bad as either of the two previous worldwide recessions. Some economists in the United States object to characterizing it as a "recession," since there were no two consecutive quarters of negative growth.
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Famous quotes containing the word early:
“In the early forties and fifties almost everybody “had about enough to live on,” and young ladies dressed well on a hundred dollars a year. The daughters of the richest man in Boston were dressed with scrupulous plainness, and the wife and mother owned one brocade, which did service for several years. Display was considered vulgar. Now, alas! only Queen Victoria dares to go shabby.”
—M. E. W. Sherwood (1826–1903)